Errors and omissions insurance in NJ can protect your business against claims regarding omissions and errors made by the company or its representatives. A policy covers both providing and not providing service to a client or tenant. Separate from a general property or liability policy, errors and omissions policies can prevent you and your company from taking on the full costs of lawsuit damages and defense fees.
Who Benefits from Having a Policy?
Any business regardless of size or type might eventually have a claim made against them. Providing the best service for clients is a top priority for most businesses, but it’s always a good idea to protect the investment you’ve made against potential errors.
How Are You Protected with a Policy?
Without properly insuring both you and your business, the financial burden could be enormous from both the cost of the lawsuit as well as any awarded damages. Errors and omissions insurance in NJ benefits businesses by:
- Helps pay any awarded damages and defense costs
- Most policies have a specified liability limit for both awarded damages and legal costs
- Covers even simple mistakes that put you at risk
While the policies do not cover illegal activities or intentional fraud, you and your business can be better protected against liability claims with one. A policy can help save your money a potential financial nightmare.